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Biography

Cranfield School of Management
Professor of Corporate Financial Strategy

Ruth joined the Cranfield faculty in 1994, having completed her MBA there. Prior to this she was a partner in Grant Thornton, where latterly she specialised in corporate finance. During this period she undertook various secondments, including a year working as a private equity investment manager in the City. She is a chartered accountant and was for 13 years a committee member of the ICAEW''s Faculty of Finance and Management. Other outside roles have included non-executive directorships of a Health Authority and an NHS Trust, and membership of the Independent Remuneration Panels for two local authorities.

Ruth has a broad range of teaching experience, including degree courses, open programmes and customised executive education, from new recruits through to board level. Her main teaching areas include corporate finance and corporate governance. Her research interest is in the practical implications of corporate governance as it affects boards and board committees. In particular, she has worked with non-executive directors on remuneration committees and audit committees of larger companies. Ruth''s PhD focused on executive remuneration, and she conducted interviews to determine how executive pay was determined in FTSE 350 companies.

Ruth's current research relates to executive pay consultants, looking in detail at their role in the process of pay determination.

Her latest book is the 4th edition of Corporate Financial Strategy, published by Routledge.

Articles In Journals

  • Bender R (2014) 30/6/16 Tackling Fat Cat Pay, Management Focus (37) 12-15.
  • Bender R (2011) For and Against: Bankers Deal with Money and Expect to Earn Lots of it, Engineering and Technology -IET- (March) 25-25.
  • Bender R (2011) Paying For Advice: The Role of the Remuneration Consultant in UK Listed Companies, Vanderbilt Law Review, 64 (2) 361-396.
  • Bender R (2011) Bankers'' bonuses: the case for and against , Think Cranfield (March).
  • Bender R (2009) The big bonuses are over: Company executives in all sectors are coming under scrutiny to curb excessive pay and bonuses, Chemistry and Industry, 2009 (12) 16-17.
  • Bender R (2009) The Market? It''s a Myth, Accountancy, 143 (1390) 26-26.
  • Bender R (2009) How do Companies Set Executive Remuneration?, Executive Compensation Briefing, 6 (1) 2-3.
  • Bender R (2009) Remuneration Consultants in UK Listed Companies, Executive Compensation Briefing, 6 (2) 2-3.
  • Bender R (2008) Risk Management in a Cost-Cutting Environment, Independent Intelligence: Insights for the independent director (Ernst & Young) (March) 10-11.
  • Bender R (2008) Paying by the Rules, Chemistry and Industry (17) 15-17.
  • Bender R (2007) Financial Literacy and the Audit Committee, Financial Reputation (Ernst & Young) (Spring) 11-13.
  • Steele M & Bender R (2007) The CFO as Non-Executive Director, Finance & Management (150) 14-15.
  • Bender R (2007) Financial Literacy in the Audit Committee, PCAOB Reporter Online, 5 (6).
  • Bender R (2007) Paying For Advice: The Role of the Remuneration Consultant in UK Listed Companies, Corporate governance: the international journal of business in society, 7 (3).
  • Bender R (2007) Onwards and Upwards: Why Companies Change their Executive Remuneration Schemes, and Why This Leads to Increases in Pay, Corporate Governance: An International Review, 15 (5) 709-723.
  • Bender R (2006) Executive Pay: Onwards and Upwards?, Remuneration Committee Journal (KPMG).
  • Bender RF & Moir L (2006) Does ''best practice'' in setting executive pay in the UK encourage ''good'' behaviour, Journal of Business Ethics, 67 (1) 75-91.
  • Bender R & Moir L (2006) Does ''Best Practice'' in Setting Executive Pay in the UK Encourage ''Good'' Behaviour?, Journal of Business Ethics, 67 (1) 75-91.
  • Spira L & Bender RF (2004) Compare and contrast: perspectives on board committees, Corporate Governance: An International Review, 12 (4) 489-499.
  • Bender R (2004) Why Do Companies Use Performance-Related Pay for Their Executive Directors?, Corporate Governance: An International Review, 12 (4) 521-533.
  • Bender R (2004) How Remuneration Committees Work, Finance & Management (113) 7-8.
  • Bender R & Porter B (2003) Setting executive directors'' remuneration in listed companies, Journal of Applied Management Accounting Research, 1 (2) 27-47.
  • Bender R & Tyson S (2003) Directors'' pay - another view, Finance & Management (September) 9-11.
  • Bender RF & Tyson SJJ (2003) Directors'' Pay - A Wider Perspective, Management focus (20) 8-10.
  • Bender R (2003) How Executive Directors'' Remuneration is Determined in Two FTSE 350 Utilities, Corporate Governance: An International Review, 11 (3) 206-217.
  • Bender R (2003) The Role of the Remuneration Committee, Management quarterly : from the Faculty of Finance and Management of the ICAEW in association with Cranfield School of Management / The Institute of Chartered Accountants in England & Wales, Cranfield University School of Management (21) 13-16.
  • Bender RF (2002) Directors'' Remuneration and Shareholder Value, Management Quarterly 6-11.
  • Bender RF (2002) Directors'' Pay: Feeding Fat Cats or Rewarding Achievement, Eclectic, 10 16-20.
  • Bender RF (2002) Financing Acquisitions, Management Quarterly (17) 23-26.
  • Bender RF (2001) Strategic Issues in Acquisitions, Management Quarterly (10) 24-27.
  • Bender RF (2001) Structuring A Venture Capital Deal, Management Quarterly (12) 20-24.
  • Bender RF (2001) Corporate Finance: Financing Mergers and Acquisitions, Eclectic, 5 (5).
  • Bender R (2000) Project Appraisal, Eclectic (Summer) 10-15.
  • Bender R (2000) Valuation of Companies, Management Quarterly (Apr) 24-30.
  • Bender RF (1999) Shareholder Value: Who Performs Wins, Treasurer 39-42.
  • Bender RF (1998) A Strategy for Minimising Working Capital, Treasurer 42-43.
  • Bender RF (1998) How to Enhance Shareholder Value, Treasurer 48-49.
  • Bender RF (1998) Financial Planning and Reporting, Management Quarterly 14-17.
  • Bender RF (1996) Credit Periods in UK Industries, Credit Control, 17 (6) 17-23.
  • Bender R (1996) Credit Periods in the Food Manufacturing Industry, Credit Control, 16 (5) 27-31.

Conference Papers

  • Bender R & Franco-Santos M (2017) Unlocking the black box of executive compensation: An investigation of the mental models influencing compensation consultants'' advice. In: British Academy of Management Annual Conference, 2017, Warwick, 5-8 September 2017.
  • Bender R (2013) The Determinants of Executive Compensation Consultants'' Advice. In: BAM 2013: British Academy of Management annual conference, Liverpool, 10 September 2013.
  • Bender R (2011) Executive Compensation Consultants. In: Executive Compensation and Corporate Governance Conference, 2011, Genoa, 12 March 2011.
  • Bender R (2010) Paying For Advice: The Role of the Remuneration Consultant in UK Listed Companies. In: Compensation Seminar, Vanderbilt Law School, Nashville, 26 February 2010.
  • Bender R (2008) Evaluating the Effective Audit. In: British Accounting Association Annual Conference, Blackpool.
  • Bender R (2008) Paying For Advice: The Role of the Remuneration Consultant in UK Listed Companies. In: 5th Workshop on Corporate Governance, EIASM, Brussels, 27 November 2008.
  • Bender R (2008) Risk Management - What Do Independent Directors Do?. In: British Accounting Association Special Interest Group on Corporate Governance conference, London, 17 December 2008.
  • Bender R (2007) The platonic remuneration committee, London. In: ESRC Executive Pay Conference, London.
  • Bender R (2007) The platonic remuneration committee, Birmingham. In: 5th International Conference On Corporate Governance, Birmingham.
  • Bender R (2007) Onwards and Upwards: Why Companies Change their Executive Remuneration Schemes, and Why This Leads to Increases in Pay. In: 27th Annual Congress of the European Accounting Association, Gothenburg, 11 May 2007.
  • Bender R (2006) Onwards and upwards: Why companies change their executive remuneration schemes. In: 4th International Conference on Corporate Governance, Birmingham.
  • Bender R, Spira L, Franken A & Braganza A (2006) The Inner Workings of Audit Committees in the UK: Operationalising Best Practice. In: 9th International Conference on Corporate Governance and Board Leadership, Henley, UK, 3 October 2006.
  • Bender R & Moir L (2005) Do current practices in UK executive pay encourage ethical behaviour. In: IABS Annual Meeting, Sonoma, CA.
  • Bender R & Moir L (2005) Does ''best practice'' in setting executive pay encourage ''good behaviour''?. In: European Accounting Association 2005 Congress, Gothenburg.
  • Bender R (2003) Why do companies use performance-related pay for their executive directors?. In: 6th International Conference on Corporate Governance and Direction, Henley.
  • Bender R (2003) Why do companies use performance-related pay?. In: European Accounting Association 26th annual congress, Seville.
  • Bender R (2003) Why do Companies use Performance-related Pay for their Executive Directors?. In: British Accounting Association Special Interest Group on Corporate Governance conference, Liverpool, 12 December 2003.
  • Bender R (2002) How Executive Directors'' Remuneration is Determined in Two FTSE 350 Companies: Results of an Exploratory Study. In: 5th International Henley Conference on Corporate Governance and Direction, Henley.
  • Bender R & Porter B (2001) A New Theoretical Framework to Understand Executive Directors'' Remuneration. In: Asian Pacific Conference on Accounting Issues, Rio de Janeiro.
  • Bender R & Porter B (2001) A Model of the Processes of Setting Remuneration for Executive Directors. In: Asian Pacific Conference on International Accounting Issues, Rio de Janeiro.
  • Bender R & Porter B (2001) An Illustrative Model of the Processes of Determining Directors'' Remuneration. In: British Academy of Management Conference, Cardiff.
  • Bender R & Porter B (2001) A New Theoretical Framework to Understand Executive Directors'' Remuneration. In: British Academy of Management Conference, Cardiff.
  • Bender R & Porter B (2001) A model of the processes involved in setting executive directors'' remuneration. In: British Accounting Association Annual Conference, Nottingham.
  • Bender R & Porter B (2001) A process model of directors'' remuneration. In: 24th annual congress of the European Accounting Association, Athens.
  • Bender R & Porter B (2001) A Theoretical Framework to Explain Directors'' Remuneration. In: British Accounting Association Annual Conference 2001, Nottingham, UK.
  • Bender R (1999) A Review of Features of Directors'' Remuneration Schemes. In: British Accounting Association Annual Conference, Glasgow.
  • Wilding R, Bernon M & Bender R (1999) Millennium Boom and Bust: An Investigation into Millennium Stocking Policies. In: Logistics Research Network 4th annual conference.

Books

  • Bender R (2013) Corporate Financial Strategy. Abingdon: Routledge, ed. 4th edition.
  • Bender R (2012) Telling it like it Is: Reporting sustainable performance. In: Cranfield on Corporate Sustainability. Grayson D, Exter N (ed.), Sheffield: Greenleaf Publishing, p. 199-212, ed. 1.
  • Bender R (2012) Executive compensation consultants. In: Research Handbook on Executive Pay. Randall S. Thomas, Jennifer G. Hill (ed.), Cheltenham: Edward Elgar, p. 320-337.
  • Bender R (2011) Valuation. In: The European Law of Commercial Agency. Randolph F and Davey J (ed.), Oxford: Hart Publishing, p. 175-183, ed. 3.
  • Bender R. (2011) Reinvesting in the Company versus Rewarding Investors with Distributions. In: Qfinance: The Ultimate Resource, London: Bloomsbury, p. 645-647, ed. 2.
  • Bender R (2009) Remuneration Committees - Where Next?. In: FTSE 350 Executive Pay 2009, London: Addleshaw Goddard, p. 4-6.
  • Bender R. (2009) Reinvesting in the company versus rewarding investors with distributions. In: Qfinance: The Ultimate Resource, London: Bloomsbury, p. 172-173, ed. 1.
  • Bender R & Ward K (2008) Corporate Financial Strategy. Butterworth Heinemann, ed. 3rd edition.
  • Bender R (2004) Shareholder value: who performs wins. In: Management accounting: business strategy: CIMA''s official study system. Botten N, Sims A (ed.), Oxford: Chartered Institute of Management Accountants, p. 443-447, ed. [2005 edition].
  • Bender R & Ward K (2002) Corporate Financial Strategy. Butterworth Heinemann, ed. 2nd edition.
  • Bender R (2001) Shareholder value: who performs wins. In: CIMA study system. Management accounting: business strategy, London: Chartered Institute of Management Accountants.
  • Bender R (1998) Strategic Working Capital Management. ICAEW.
  • Bender R, Ward K & Quinlan J (1996) Using the strategic management process to establish cost effective services in the NHS. In: Strategic Business Finance, Kogan Page, p. 231-252.
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